Statistical Reasoning for Everyday Life (5th Edition)
5th Edition
ISBN: 9780134494043
Author: Jeff Bennett, William L. Briggs, Mario F. Triola
Publisher: PEARSON
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Textbook Question
Chapter 2.2, Problem 1E
Error Type. Distinguish between random errors and systematic errors. How can we minimize the effects of random errors? How can we account for the effect of a systematic error?
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Students have asked these similar questions
The average number of minutes Americans commute to work is 27.7 minutes (Sterling's Best Places, April 13, 2012). The average commute time in minutes for 48 cities are as follows:
Click on the datafile logo to reference the data.
DATA file
Albuquerque
23.3
Jacksonville
26.2
Phoenix
28.3
Atlanta
28.3
Kansas City
23.4
Pittsburgh
25.0
Austin
24.6
Las Vegas
28.4
Portland
26.4
Baltimore
32.1
Little Rock
20.1
Providence
23.6
Boston
31.7
Los Angeles
32.2
Richmond
23.4
Charlotte
25.8
Louisville
21.4
Sacramento
25.8
Chicago
38.1
Memphis
23.8
Salt Lake City
20.2
Cincinnati
24.9
Miami
30.7
San Antonio
26.1
Cleveland
26.8
Milwaukee
24.8
San Diego
24.8
Columbus
23.4
Minneapolis
23.6
San Francisco
32.6
Dallas
28.5
Nashville
25.3
San Jose
28.5
Denver
28.1
New Orleans
31.7
Seattle
27.3
Detroit
29.3
New York
43.8
St. Louis
26.8
El Paso
24.4
Oklahoma City
22.0
Tucson
24.0
Fresno
23.0
Orlando
27.1
Tulsa
20.1
Indianapolis
24.8
Philadelphia
34.2
Washington, D.C.
32.8
a. What is the mean commute time for…
Morningstar tracks the total return for a large number of mutual funds. The following table shows the total return and the number of funds for four categories of mutual funds.
Click on the datafile logo to reference the data.
DATA file
Type of Fund
Domestic Equity
Number of Funds
Total Return (%)
9191
4.65
International Equity
2621
18.15
Hybrid
1419
2900
11.36
6.75
Specialty Stock
a. Using the number of funds as weights, compute the weighted average total return for these mutual funds. (to 2 decimals)
%
b. Is there any difficulty associated with using the "number of funds" as the weights in computing the weighted average total return in part (a)? Discuss. What else might be used for weights?
The input in the box below will not be graded, but may be reviewed and considered by your instructor.
c. Suppose you invested $10,000 in this group of mutual funds and diversified the investment by placing $2000 in Domestic Equity funds, $4000 in International Equity funds, $3000 in Specialty Stock…
The days to maturity for a sample of five money market funds are shown here. The dollar amounts invested in the funds are provided.
Days to
Maturity
20
Dollar Value
($ millions)
20
12
30
7
10
5
6
15
10
Use the weighted mean to determine the mean number of days to maturity for dollars invested in these five money market funds (to 1 decimal).
days
Chapter 2 Solutions
Statistical Reasoning for Everyday Life (5th Edition)
Ch. 2.1 - Qualitative versus Quantitative. What is the...Ch. 2.1 - Discrete versus Continuous. Distinguish between...Ch. 2.1 - Measurement Levels. What do we mean by data at the...Ch. 2.1 - Interval versus Ratio. Explain why temperatures on...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...
Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Does It Make Sense? For Exercises 58, determine...Ch. 2.1 - Qualitative versus Quantitative Data. In Exercises...Ch. 2.1 - Qualitative versus Quantitative Data. In Exercises...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Discrete or Continuous. In Exercises 1928, state...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Levels of Measurement. For the data described in...Ch. 2.1 - Meaningful Ratios? In Exercises 4148, determine...Ch. 2.1 - Meaningful Ratios? In Exercises 4148, determine...Ch. 2.1 - Meaningful Ratios? In Exercises 4148, determine...Ch. 2.1 - Meaningful Ratios? In Exercises 4148, determine...Ch. 2.1 - Meaningful Ratios? In Exercises 4148, determine...Ch. 2.1 - Meaningful Ratios? In Exercises 4148, determine...Ch. 2.1 - Meaningful Ratios? In Exercises 4148, determine...Ch. 2.1 - Meaningful Ratios? In Exercises 4148, determine...Ch. 2.1 - Complete Classification. In Exercises 4956,...Ch. 2.1 - Complete Classification. In Exercises 4956,...Ch. 2.1 - Complete Classification. In Exercises 4956,...Ch. 2.1 - Complete Classification. In Exercises 4956,...Ch. 2.1 - Prob. 53ECh. 2.1 - Complete Classification. In Exercises 4956,...Ch. 2.1 - Prob. 55ECh. 2.1 - Complete Classification. In Exercises 4956,...Ch. 2.2 - Error Type. Distinguish between random errors and...Ch. 2.2 - Absolute and Relative. Distinguish between the...Ch. 2.2 - Accuracy and Precision. Distinguish between...Ch. 2.2 - Honest Numbers. Why can it be misleading to give...Ch. 2.2 - Does It Make Sense? For Exercises 58, determine...Ch. 2.2 - Does It Make Sense? For Exercises 58, determine...Ch. 2.2 - Does It Make Sense? For Exercises 58, determine...Ch. 2.2 - Does It Make Sense? For Exercises 58, determine...Ch. 2.2 - IRS. An IRS agent reviews tax returns to identify...Ch. 2.2 - Safe Air Travel. Before taking off, a pilot is...Ch. 2.2 - Technical Specifications. A smartphone battery is...Ch. 2.2 - Crime Statistics. Former New York City Police...Ch. 2.2 - Sources of Errors. For each measurement described...Ch. 2.2 - Sources of Errors. For each measurement described...Ch. 2.2 - Sources of Errors. For each measurement described...Ch. 2.2 - Sources of Errors. For each measurement described...Ch. 2.2 - Sources of Errors. For each measurement described...Ch. 2.2 - Sources of Errors. For each measurement described...Ch. 2.2 - Sources of Errors. For each measurement described...Ch. 2.2 - Sources of Errors. For each measurement described...Ch. 2.2 - Absolute and Relative Errors. In Exercises 2124,...Ch. 2.2 - Absolute and Relative Errors. In Exercises 2124,...Ch. 2.2 - Absolute and Relative Errors. In Exercises 2124,...Ch. 2.2 - Absolute and Relative Errors. In Exercises 2124,...Ch. 2.2 - Minimizing Errors. Twenty-five people, including...Ch. 2.2 - Minimizing Errors. When a model 22F car battery is...Ch. 2.2 - Accuracy and Precision in Corvette Weight. A new...Ch. 2.2 - Accuracy and Precision in Height. Assume that your...Ch. 2.2 - Accuracy and Precision in Weight. Suppose your...Ch. 2.2 - Prob. 30ECh. 2.2 - Believable Facts? Exercises 3138 give statements...Ch. 2.2 - Believable Facts? Exercises 3138 give statements...Ch. 2.2 - Prob. 33ECh. 2.2 - Believable Facts? Exercises 3138 give statements...Ch. 2.2 - Prob. 35ECh. 2.2 - Believable Facts? Exercises 3138 give statements...Ch. 2.2 - Believable Facts? Exercises 3138 give statements...Ch. 2.2 - Believable Facts? Exercises 3138 give statements...Ch. 2.3 - Statistical Literacy and Critical Thinking...Ch. 2.3 - Percentage Difference. Distinguish between...Ch. 2.3 - Of versus More Than. Explain the difference...Ch. 2.3 - Percentage Points. Explain the difference between...Ch. 2.3 - Does It Make Sense? For Exercises 58, determine...Ch. 2.3 - Does It Make Sense? For Exercises 58, determine...Ch. 2.3 - Does It Make Sense? For Exercises 58, determine...Ch. 2.3 - Does It Make Sense? For Exercises 58, determine...Ch. 2.3 - Concepts and Applications Fractions, Decimals,...Ch. 2.3 - Fractions, Decimals, Percentages. Express the...Ch. 2.3 - Percentage Practice. A study was conducted of...Ch. 2.3 - Percentage Practice. A study was conducted to...Ch. 2.3 - Percentage of Media commonly report survey...Ch. 2.3 - Percentage. A New York Times editorial criticized...Ch. 2.3 - Relative Change. Exercises 1522 each provide two...Ch. 2.3 - Relative Change. Exercises 1522 each provide two...Ch. 2.3 - Relative Change. Exercises 1522 each provide two...Ch. 2.3 - Relative Change. Exercises 1522 each provide two...Ch. 2.3 - Relative Change. Exercises 1522 each provide two...Ch. 2.3 - Relative Change. Exercises 1522 each provide two...Ch. 2.3 - Relative Change. Exercises 1522 each provide two...Ch. 2.3 - Relative Change. Exercises 1522 each provide two...Ch. 2.3 - Surveys. Some important analyses of survey results...Ch. 2.3 - Surveys. Some important analyses of survey results...Ch. 2.3 - Surveys. Some important analyses of survey results...Ch. 2.3 - Surveys. Some important analyses of survey results...Ch. 2.3 - Of versus More Than. Fill in the blanks in...Ch. 2.3 - Of versus More Than. Fill in the blanks in...Ch. 2.3 - Of versus More Than. Fill in the blanks in...Ch. 2.3 - Of versus More Than. Fill in the blanks in...Ch. 2.3 - Margin of Error. A Gallup poll of 1012 American...Ch. 2.3 - Margin of Error. A Pew Research Center survey of...Ch. 2.3 - Percentages of Percentages. Exercises 3336...Ch. 2.3 - Percentages of Percentages. Exercises 3336...Ch. 2.3 - Percentages of Percentages. Exercises 3336...Ch. 2.3 - Percentages of Percentages. Exercises 3336...Ch. 2.3 - TV Share. A recent Super Bowl football game had a...Ch. 2.3 - Misleading Percentage. In a Gallup poll of 1236...Ch. 2.4 - Index Number. What is an index number? Briefly...Ch. 2.4 - CPI. What is the Consumer Price Index (CPI)? How...Ch. 2.4 - Inflation. In making price comparisons, why is it...Ch. 2.4 - CPI Change. If the CPI increases, must wages also...Ch. 2.4 - Does It Make Sense? For Exercises 58, determine...Ch. 2.4 - Does It Make Sense? For Exercises 58, determine...Ch. 2.4 - Does It Make Sense? For Exercises 58, determine...Ch. 2.4 - Does It Make Sense? For Exercises 58, determine...Ch. 2.4 - Consumer Price Index. In Exercises 916, use the...Ch. 2.4 - Consumer Price Index. In Exercises 916, use the...Ch. 2.4 - Consumer Price Index. In Exercises 916, use the...Ch. 2.4 - Consumer Price Index. In Exercises 916, use the...Ch. 2.4 - Prob. 13ECh. 2.4 - Consumer Price Index. In Exercises 916, use the...Ch. 2.4 - Consumer Price Index. In Exercises 916, use the...Ch. 2.4 - Consumer Price Index. In Exercises 916, use the...Ch. 2.4 - Coffee Index. In Exercises 1720, use the following...Ch. 2.4 - Prob. 18ECh. 2.4 - Prob. 19ECh. 2.4 - Coffee Index. In Exercises 1720, use the following...Ch. 2.4 - Pizza Cost and Subway Fare. The pizza connection...Ch. 2.4 - Pizza Cost and Subway Fare. The pizza connection...Ch. 2.4 - Pizza Cost and Subway Fare. The pizza connection...Ch. 2.4 - Pizza Cost and Subway Fare. The pizza connection...Ch. 2.4 - Prob. 25ECh. 2.4 - Prob. 26ECh. 2.4 - Prob. 27ECh. 2.4 - Housing Price Index. Realtors use an index to...Ch. 2.4 - Prob. 29ECh. 2.4 - Housing Price Index. Realtors use an index to...Ch. 2.4 - Prob. 31ECh. 2.4 - Housing Price Index. Realtors use an index to...Ch. 2 - Germs. In a Wakefield Research survey, 1003...Ch. 2 - Health Care Spending. Total spending on health...Ch. 2 - Prob. 3CRECh. 2 - Minimum Wage. The following table lists the...Ch. 2 - Braking reaction times of 36 randomly selected...Ch. 2 - What is the level of measurement of the values...Ch. 2 - Prob. 3CQCh. 2 - A researcher measures the braking reaction time of...Ch. 2 - Braking reaction times of 36 randomly selected...Ch. 2 - Recorded survey results include the states in...Ch. 2 - Prob. 7CQCh. 2 - Prob. 8CQCh. 2 - Prob. 9CQCh. 2 - Prob. 10CQCh. 2 - Politics Who Benefited Most from Lower Tax Rates?...Ch. 2 - Prob. 1.2FCh. 2 - Prob. 1.3F
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